Transcript of Q2 & H1 FY 26 Post Earnings Conference Call.
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Jyoti Resins reported 20% year-on-year volume growth and 20% gross revenue growth (excluding GST) for Q2 FY26, despite an extended monsoon that disrupted demand and dispatches. EBITDA margin (excluding other income) stood at 27.5%, in line with the company's broad guidance. Management is targeting FY26 revenue of INR 330–340 crore and reiterated its long-term goal of reaching INR 500 crore turnover in three years, backed by 20% annual volume growth. Brownfield expansion is underway to raise capacity from 2,000 to 3,500 tons per month within six months, requiring INR 5–7 crore in CapEx, with scouting for a greenfield site also in progress.
Strong volume growth and margin maintenance signal healthy demand momentum post-Diwali, supporting the stock's growth narrative. However, management acknowledged that long-term margins will likely settle at 25% (+/- 2%) due to higher brand and trade marketing investments (guided at 7–8% of revenue) and competitive pressures, which could weigh on near-term profitability as spending ramps up in H2 FY26.